Business/Consumer Services

Worldpay Group profit up ahead of Vantiv deal

AdriaCalatayud

Worldpay Group PLC (WPG.LN) said Monday that pretax profit for the third quarter of 2017 rose 3%, ahead of its acquisition by Vantiv Inc.
VNTV
announced in August and expected to be completed in mid-January 2018.

The U.K. payments processor made a pretax profit of 62.5 million pounds ($83.4 million) for the three months ended Sept. 30, compared with GBP60.4 million in the year-earlier period. Revenue increased by 8% to GBP1.27 billion.

The company said that it expects revenue growth for full 2017 to be at the lower end of its guidance of 9% to 11% percent. Worldpay said this was due to a consumer slowdown in the U.K. market, a continued decline in ATM business in the U.S., and the strengthening of the sterling against the U.S. dollar. The company said it expects all these trends to continue into 2018.

Worldpay also announced that it has, along with Vantiv, made good progress on their tie-up and that integration planning has started. Shareholder meetings to vote on the deal will be convened by the two companies in early January 2018, Worldpay added.

Worldpay shares at 1220 GMT were up 2.60 pence, or 0.6%, at 417.60 pence.

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